SVB collapse: Pension funds lose millions after bank failure

Various Pension Funds that were invested Silicon Valley Bank Loss of millions following the collapse of California-based Bank.

California Public Employees Retirement Fund had put $67 million in Silicon Valley Bank and $11 million in Signature Bank. Both failed. per Newsweek.

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The spokesperson for the state’s retirement fund, which has over 1.5 million members, stated to the outlet that investments in two banks made up the majority of the investment. “a small percentage of our overall portfolio.”

Other pension funds include investments The Employee Retirement System of Rhode Island is a retirement system for state workers and city workers. The Rhode Island pension fund had less than $2.6 million invested in the two failed banks as well as two other at-risk banks, First Republic Capital and Silvergate Capital.

The funds that were invested in failed banks did not represent the entire state’s pension fund which is estimated to be $10.3 billion.

Pension funds from other countries also made investments in banks, including Alecta in Sweden and South Korea. The Korean pension fund had invested tens of millions of US dollars, while the Swedish pension fund had hu